Former Vice President and African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu’s administration to account for existing borrowings before proceeding with plans to secure another $1.5 billion from the World Bank.
Atiku’s demand came as the Federal Government opened discussions with the World Bank for three proposed $500 million financing facilities targeting climate resilience, social protection and early childhood development. Nigeria’s public debt stood at N166.79 trillion as of June 30, 2026, according to the latest figures from the Debt Management Office.
The former vice president made his position known in a statement issued on Monday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
While acknowledging that the proposed programmes addressed important development needs, Atiku argued that the government should first provide Nigerians with a detailed account of how previous loans had been utilised.
He called for the publication of the projects financed with existing and proposed loans, the communities and citizens expected to benefit, programme targets, borrowing and disbursement terms, as well as timelines for tracking implementation.
“If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase,” Atiku said.
He said the government needed to demonstrate the practical outcomes of its borrowing and development programmes rather than relying on announcements that could not be independently verified.
According to him, spending on climate resilience should translate into identifiable projects such as restored land, improved irrigation and protection for communities vulnerable to flooding.
He added that social protection programmes should clearly identify beneficiaries and payment schedules, while early childhood development initiatives should have measurable outcomes in areas such as nutrition, healthcare and learning.
Atiku also questioned the continued rise in public debt despite government claims of increased revenue and savings following the removal of the petrol subsidy.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.
He argued that Nigerians should be able to determine what previous borrowings had achieved and who had benefited from them before additional debt was contracted.
“A government cannot keep announcing savings, signing loans and asking the same struggling families to wait for relief,” he said.
Atiku further demanded transparency over the proposed World Bank facilities, saying Nigerians should be able to independently monitor the utilisation of borrowed funds.
“Show us the money already received. Show us what it built. Show us who benefited. Account for the debt already on Nigeria’s books before borrowing another dollar,” he said.
The proposed World Bank financing comprises three separate $500 million facilities. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes, ACReSAL, project, which is scheduled for consideration by the World Bank’s board on October 29, 2026.
The latest DMO figures show that Nigeria’s public debt rose from N159.35 trillion at the end of March to N166.79 trillion by the end of June 2026. Domestic debt accounted for N91.59 trillion, while external debt stood at N75.20 trillion.
